63B-27-102. Highway bonds — Maximum amount — Use of proceeds for Salt Lake County highway projects.
| (1) |
Terms Used In Utah Code 63B-27-102- Bonds: means any bonds, bond anticipation notes, or other obligations authorized under this title for which the full faith, credit, and resources and ad valorem taxing power of the state have been pledged for the payment of the principal of and interest on the bonds. See Utah Code 63B-1-101
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Highway: includes :Utah Code 68-3-12.5
- Land: includes :Utah Code 68-3-12.5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (a) |
Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $47,000,000 for acquisition and construction proceeds , plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any existing debt service reserve requirements, with the total amount of the bonds not to exceed $47,470,000 . |
| (b) |
When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the projects described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount, plus additional amounts necessary to pay costs of issuance , to pay capitalized interest, and to fund any existing debt service reserve requirements, not to exceed one percent of the certified amount . |
| (c) |
The commission may not issue general obligation bonds authorized under this section if the issuance of the general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. |
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| (2) |
| (a) |
Proceeds from the bonds issued under this section shall be provided to the Department of Transportation to pay for or to provide funds to a municipality or county to pay for the costs of right-of-way acquisition, construction, reconstruction, renovations, or improvements to highways, transportation facilities, or multimodal transportation projects described in Subsection (2)(b). |
| (b) |
Bond proceeds described under Subsection (2)(a) shall be used to pay for state and local highway projects or transportation facilities or multimodal transportation projects described in Subsection 72-2-121(4)(c) in Salt Lake County prioritized by the county. |
| (c) |
The costs under this Subsection (2) may include the costs of acquiring land, interests in land, and easements and rights-of-way, the costs of improving sites, and making all improvements necessary, incidental, or convenient to the facilities, and the costs of interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, interest estimated to accrue on any bond anticipation notes issued under the authority of this title, and all related engineering, architectural, and legal fees. |
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| (3) |
The commission or the state treasurer may make any statement of intent relating to a reimbursement that is necessary or desirable to comply with federal tax law. |
| (4) |
The Department of Transportation may enter into agreements related to the project before the receipt of proceeds of bonds issued under this chapter. |
Amended by Chapter 280, 2018 General Session
